Arizona Laws 6-1402. Licensure required; contents of application; fees; nontransferable; branch office permit
A. A person shall not engage in the business of a premium finance company in this state without first being licensed as a premium finance company by the deputy director. A person who is not exempt under section 6-1403 and who advertises for, solicits or holds himself out as willing to finance premiums or enter into or acquire premium finance agreements is presumed to be engaged in the business as a premium finance company.
Terms Used In Arizona Laws 6-1402
- Branch: means any banking office other than the principal banking office. See Arizona Laws 6-101
- Branch office: means any place of business maintained by a licensee in addition to the principal place of business of a licensee. See Arizona Laws 6-1401
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Premium finance company: means a person engaged in whole or in part in the business of financing insurance premiums, entering into premium finance agreements with insureds or otherwise acquiring premium finance agreements from insurance producers or other premium finance companies. See Arizona Laws 6-1401
- Writing: includes printing. See Arizona Laws 1-215
B. A licensee shall not establish a branch office without first obtaining a branch office permit from the deputy director.
C. An application for a license or branch office permit shall be made in writing, under oath, and in the form prescribed by the deputy director. The deputy director may require as part of an application such other information as the deputy director deems necessary.
D. An applicant at the time of filing an application for a license or branch office permit shall pay to the deputy director the fee prescribed in section 6-126.
E. Prior to December 31 of each year, each licensee may obtain a renewal of a license or branch office permit by payment of the fee prescribed in section 6-126.
F. A premium finance company license or branch office permit is not transferable or assignable, and control shall not be acquired through stock purchase or other device without the prior written consent of the deputy director. The deputy director may refuse consent if the deputy director finds that any of the grounds for denial, revocation or suspension of a license prescribed by section 6-1404 are applicable to the acquiring person. For purposes of this subsection, "control" means the power to vote more than twenty percent of outstanding voting shares of a licensed corporation, limited liability company, partnership, association or trust.